Fed Reserves overstocked on the Coin Standard

[DGuller]

Another interesting fact about the dollar coins is that the Fed is storing more than a billion of them because of Congressional mandate.

[Berkut]

This is so stupid.

If you want people to start using dollar coins, then stop printing dollar bills.

Unless you do that, they won't ever start using the coins.

It is that simple.

[Berkut]

Another interesting fact about the dollar coins is that the Fed is storing more than a billion of them because of Congressional mandate.

They make 4 new ones every year, something to do with Presidents I think.

[Malthus]

This is so stupid.

If you want people to start using dollar coins, then stop printing dollar bills.

Unless you do that, they won't ever start using the coins.

It is that simple.

It's what they did here. Seems to have worked okay - most people are pretty happy with 1 and $2 coins, rather than bills.

[DGuller]

And they should really get rid of a penny while they're at it.

[mongers]

This is so stupid.

If you want people to start using dollar coins, then stop printing dollar bills.

Unless you do that, they won't ever start using the coins.

It is that simple.

It's interesting just how conservative Americans are over certain things.  Alternatively one might see it as if it ain't broken don't fix it. 

From a government finance standpoint it doesn't make much sense to continue using expensive low value banknotes.

Though I do admit the equivalent UK pound coin is rather on the heavy side to have too many on ones person. 

[HVC]

And they should really get rid of a penny while they're at it.

better yet, make the penny the new dollar coin. instant stimulus package

[mongers]

And they should really get rid of a penny while they're at it.

I can imagine in a few more years the US penny is again worth more in its base metal scrap value than its face value.

[DGuller]

Apart from that, the basic problem is that it's more of garbage now than an actual legal tender, and that imposes costs of their own.  Who actually carries pennies with them anymore?  Everyone I know filters them out and puts them in a bottle or something of that nature.

[mongers]

Apart from that, the basic problem is that it's more of garbage now than an actual legal tender, and that imposes costs of their own.  Who actually carries pennies with them anymore?  Everyone I know filters them out and puts them in a bottle or something of that nature.

I'm guessing you've now reached the point in the US where you can't actually buy anything for just one cent ? 

IIRC that was the major reason for withdrawing our 1/2 penny a good few years ago, once you could buy haf'penny sweets so the coin had a use until those went up to 1p each.  Incidentally I'd guess those sort of traditional sweets/'penny chews' probably cost 2 or 4 pence each. 

[Habbaku]

IIRC that was the major reason for withdrawing our 1/2 penny a good few years ago, once you could buy haf'penny sweets so the coin had a use until those went up to 1p each.  Incidentally I'd guess those sort of traditional sweets/'penny chews' probably cost 2 or 4 pence each. 

Yeah, those types of candies are usually a nickel these days.

[The Brain]

In Sweden the lowest coin is 1 SEK. Which is roughly 15 cents. We got rid of the 10 öre coin (a bit more than 1 cent) 20 years ago. The 50 öre last year IIRC.

[KRonn]

Apart from that, the basic problem is that it's more of garbage now than an actual legal tender, and that imposes costs of their own.  Who actually carries pennies with them anymore?  Everyone I know filters them out and puts them in a bottle or something of that nature.

I'm guessing you've now reached the point in the US where you can't actually buy anything for just one cent ? 

IIRC that was the major reason for withdrawing our 1/2 penny a good few years ago, once you could buy haf'penny sweets so the coin had a use until those went up to 1p each.  Incidentally I'd guess those sort of traditional sweets/'penny chews' probably cost 2 or 4 pence each. 

Pennies are still needed to make change in commerce, stores, etc.

[Josquius]

So...it seems to me that people are willing to use dollar coins but the system in place for distributing them is utterly retarded and requires people to go out of their way and order them over the internet.

Is there not a way to get them into regular circulation? Making post offices give change in dollar coins or the like?

The idea of a dollar note always struck me as a bit mad. Hell, the Swedish 20 sek note was daft enough. Even the UK 5 pound isn`t worth what it used to be even 10 years ago and we should be looking towards (properly) turning it into a coin.

Pennies are still needed to make change in commerce, stores, etc.

In several European countries IIRC they don`t have euro coins up to....5 cents? or was it 10 even? They just round to the nearest one they do have coins for.
Hell, even in Sweden I remember seeing things that cost 49.90 even though the only ore coin was the 50.

[Razgovory]

Apart from that, the basic problem is that it's more of garbage now than an actual legal tender, and that imposes costs of their own.  Who actually carries pennies with them anymore?  Everyone I know filters them out and puts them in a bottle or something of that nature.

I'm guessing you've now reached the point in the US where you can't actually buy anything for just one cent ? 

IIRC that was the major reason for withdrawing our 1/2 penny a good few years ago, once you could buy haf'penny sweets so the coin had a use until those went up to 1p each.  Incidentally I'd guess those sort of traditional sweets/'penny chews' probably cost 2 or 4 pence each. 

Pennies are still needed to make change in commerce, stores, etc.

Why?  We don't use mils anymore.